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LIC for higher premium for Aam Aadmi scheme
Faced with a high claim ratio for Aam Aadmi Bima Yojana in Andhra Pradesh, the Life Insurance Corporation of India (LIC) has sought an increase in premium to Rs320 from Rs 200.

About 5.2 million are covered under the Aam Aadmi scheme in 2010-11 in Andhra Pradesh. For the two-year period 2008-10, the state paid Rs76 crore premium for while the LIC disbursed claims, including scholarships, worth Rs281.25 crore for the scheme.

According to officials, the LIC has moved the proposal for increasing the premium. However, this might not be possible. “This is a nationwide scheme. If they have to increase the premium, they should do across the country or not do it at all (in Andhra Pradesh),” said a senior government official.

Rural Development minister Vatti Vasantha Kumar said a call on increasing the premium would be decided shortly. He, however, clarified that the matter was between state and central governments and would not impact the implementation of the scheme at the grassroot level.

t; Under the Aam Aadmi scheme LIC provides an insurance cover of Rs30,000 for natural death, Rs75,000 for accidental death, Rs37,500 for permanent partial disability and Rs75,000 for permanent total disability due to accident.

When contracted, LIC regional manager Thyagarajan declined to comment on the issue.

In another central-sponsored scheme Janashree Bima Yojana, where the premium of Rs150 per member is shared by the Government of India and the member on a 50-50 basis, LIC has settled claims worth Rs122.94 crore for the premium of Rs44.34 crore collected in the state in the last two years.

However, there is no request for increasing the premium in this case. LIC has 3.9 million under Janashree Bima in the state for 2010-11.

A free add-on scholarship benefit for the children of the members of Aam Aasmi Bima and Janashree Bima is also extended. Scholarships of Rs100 a month is also extended to two children studying between 9 and 12 standard. It is paid on a half yearly basis - in January and July each year.

According to Society for Elimination of Rural Poverty (Serp) chief executive officer B Raj Sehker, the claim ratio for these two schemes is high due to community participation.

  
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Source : http://http://www.business-standard.com
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